法国银行：4月强劲的人寿保险资金流入对第二季度业绩有利

Joseph Dickerson * | Equity Analyst44 (0) 20 7029 8309 | jdickerson@jefferies.comTheo Massing * | Equity Associate+33 1 8665 6306 | tmassing@jefferies.comPhilip Kett ^ | Equity Analyst44 (0) 20 7548 4126 | pkett@jefferies.com rate to fall close to 1.6% this summer given the evolution of short-term rates & inflation. (seeourlast Livret A report).Please see important disclosure information on pages 5 - 10 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Exhibit 4 - Life insurance net inflows (in EURbn).(3.0)(2.0)(1.0)0.01.02.03.04.05.06.07.0Apr-13Oct-13Apr-14Source: Jefferies, FFAExhibit 5 - Breakdown of life insurance inflows (in EURbn).(6.0)(4.0)(2.0)0.02.04.06.08.0Apr-13Oct-13Apr-14Source: Jefferies, FFAPlease see important disclosure information on pages 5 - 10 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Exhibit 6 - Life insurance net inflows (EURbn) vs Livret A rate (%) - inverse correlation of c.-70% over 2021-23.(3.0)(2.0)(1.0)0.01.02.03.04.05.06.07.0Sep-21Source: Jefferies, FFAPlease see important disclosure information on pages 5 - 10 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company Valuation/RisksFor Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300.Analyst Certification:I, Joseph Dickerson, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Theo Massing, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Philip Kett, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.Registration of non-US analysts:Joseph Dickerson is employed by Jefferies GmbH, a non-US affiliate of Jefferies LLC and is not registered/qualified as aresearch analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subject to theFINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.Registration of non-US analysts:Theo Massing is employed by Jefferies GmbH, a non-US affiliate of Jefferies LLC and is not registered/qualified as a researchanalyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subject to the FINRARule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.Registration of non-US analysts:Philip Kett is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified asa research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subject tothe FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresJefferies Financial Group Inc., its affiliates or subsidiaries beneficially owned 1% or more of the common equity of Generali as of last month's end (or the priormonth’s end if this report is dated later than 10 days after the most recent month end).Within the past 12 months, Jefferies Financial Group Inc., its affiliates or subsidiaries has received compensation from investment banking